BITCOIN has fallen back to $7k territory after slipping sharply from $8,287 to $7,847 late last night. As thoughts turn to crypto's move towards mainstream finance, the Securities and Exchange Commission (SEC) served a second blow to the Winklevoss's attempt to list the first-ever crypto ETF on a regulated exchange.

For the second time in a week, the SEC dealt a blow to the those members of the crypto community attempting to drag digital assets into the centre-ground of the capital markets. The top US watchdog has now rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list the first-ever cryptocurrency ETF on a regulated exchange.

Following the postponement of the CBOE decision earlier this week, the US financial watchdog has obvious reservations about crypto ETFs.

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SEC Commissioner Hester M. Peirce wrote the following in a lengthy public statement.

She said: "I am concerned that the Commission’s approach undermines investor protection by precluding greater institutionalization of the Bitcoin market.

"More institutional participation would ameliorate many of the Commission’s concerns with the Bitcoin market that underlie its disapproval order.

"More generally, the Commission’s interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of Bitcoin ETPs."